In this work, the feasibility of p-channel nano-crystal memory with thin oxide in direct tunneling (DT) regime is demonstrated. By comparing the programming characteristics of devices with nano-crystals and devices without nano-crystals, the role of dots as storage node is presented, The programming and erasing mechanisms of p-channel nano-crystal memory were investigated by charge separation technique. For small gate programming voltage, hole tunneling component from inversion layer is dominant. However, valence band electron tunneling component from the valence band in the nano-crystal becomes dominant for large gate voltage, In case of erasing, the electron tunneling occurs from either the conduction band or the valence band. Finally, the comparison of retention between programmed holes and electrons shows that holes have longer retention time.